AIA Group Ltd Trims Stock Holdings in Elevance Health, Inc. (NYSE:ELV)

AIA Group Ltd lowered its stake in Elevance Health, Inc. (NYSE:ELV - Free Report) by 75.8% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,260 shares of the company's stock after selling 3,944 shares during the quarter. AIA Group Ltd's holdings in Elevance Health were worth $465,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. FSB Premier Wealth Management Inc. boosted its stake in Elevance Health by 13.1% during the fourth quarter. FSB Premier Wealth Management Inc. now owns 2,844 shares of the company's stock valued at $1,049,000 after buying an additional 329 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Elevance Health by 42.5% during the 4th quarter. Wellington Management Group LLP now owns 6,355,532 shares of the company's stock worth $2,344,556,000 after acquiring an additional 1,893,947 shares in the last quarter. Inkwell Capital LLC bought a new position in shares of Elevance Health during the 4th quarter valued at approximately $1,195,000. CIBC Private Wealth Group LLC grew its holdings in shares of Elevance Health by 82.9% in the fourth quarter. CIBC Private Wealth Group LLC now owns 720,367 shares of the company's stock valued at $276,073,000 after purchasing an additional 326,543 shares in the last quarter. Finally, Allianz SE purchased a new position in shares of Elevance Health in the fourth quarter valued at $5,339,000. Institutional investors own 89.24% of the company's stock.

Elevance Health Stock Up 5.4 %

Shares of ELV traded up $23.37 during mid-day trading on Thursday, hitting $452.70. The company's stock had a trading volume of 3,314,748 shares, compared to its average volume of 1,401,807. The firm has a market capitalization of $102.48 billion, a price-to-earnings ratio of 17.68, a PEG ratio of 1.18 and a beta of 0.77. The company's 50-day moving average is $407.13 and its 200-day moving average is $418.89. The company has a current ratio of 1.45, a quick ratio of 1.50 and a debt-to-equity ratio of 0.71. Elevance Health, Inc. has a 52-week low of $362.21 and a 52-week high of $567.26.

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Elevance Health (NYSE:ELV - Get Free Report) last announced its earnings results on Thursday, January 23rd. The company reported $3.84 EPS for the quarter, topping analysts' consensus estimates of $3.80 by $0.04. Elevance Health had a net margin of 3.38% and a return on equity of 18.28%. On average, equities research analysts forecast that Elevance Health, Inc. will post 33.96 EPS for the current fiscal year.

Elevance Health Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 25th. Stockholders of record on Monday, March 10th were given a dividend of $1.71 per share. The ex-dividend date was Monday, March 10th. This is an increase from Elevance Health's previous quarterly dividend of $1.63. This represents a $6.84 dividend on an annualized basis and a dividend yield of 1.51%. Elevance Health's dividend payout ratio is presently 26.71%.

Insider Activity

In related news, CAO Ronald W. Penczek sold 443 shares of the company's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $415.13, for a total transaction of $183,902.59. Following the transaction, the chief accounting officer now directly owns 1,847 shares of the company's stock, valued at $766,745.11. This represents a 19.34 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, EVP Charles Morgan Kendrick, Jr. sold 3,504 shares of the firm's stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $396.30, for a total value of $1,388,635.20. Following the completion of the sale, the executive vice president now directly owns 10,116 shares of the company's stock, valued at approximately $4,008,970.80. This represents a 25.73 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.35% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ELV. Sanford C. Bernstein reiterated an "outperform" rating on shares of Elevance Health in a research report on Friday, March 28th. Truist Financial decreased their target price on shares of Elevance Health from $520.00 to $480.00 and set a "buy" rating on the stock in a research report on Monday, January 6th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $485.00 price target on shares of Elevance Health in a research report on Friday, January 24th. Wells Fargo & Company reduced their price objective on Elevance Health from $483.00 to $478.00 and set an "overweight" rating on the stock in a research note on Tuesday, January 28th. Finally, Barclays raised their price objective on Elevance Health from $501.00 to $512.00 and gave the company an "overweight" rating in a research note on Friday, January 24th. Two equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $519.81.

Elevance Health Company Profile

Elevance Health, Inc, together with its subsidiaries, operates as a health benefits company in the United States. The company operates through four segments: Health Benefits, CarelonRx, Carelon Services, and Corporate & Other. It offers a variety of health plans and services to program members; health products; an array of fee-based administrative managed care services; and specialty and other insurance products and services, such as stop loss, dental, vision, life, disability, and supplemental health insurance benefits.